By Devika Patel
Knoxville, Tenn., Nov. 5 - Roxmark Mines Ltd. announced it has completed a C$1 million private placement with MineralFields Group. This is the second private placement the companies have conducted together in 2007; the first settled on July 16.
In this deal, Roxmark sold 3,333,332 flow-through units at C$0.30 per unit. Each unit consists of one flow-through share and one warrant. Each two-year warrant is exercisable at C$0.40 for the first year and at C$0.55 thereafter.
The securities have a four-month hold period.
Roxmark paid a 5% finder's fee to Limited Market Dealer Inc. and granted 333,333 non-transferable finder's options, each exercisable for one unit at C$0.20 for two years. The units are comprised of one share and one warrant, with the warrants exercisable on the same terms as the ones sold in the deal.
Proceeds will be used for exploration and development.
Roxmark is a resource exploration and development company based in Toronto.
Issuer: | Roxmark Mines Ltd.
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Issue: | Units of one flow-through share and one warrant
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Amount: | C$1 million
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Units: | 3,333,332
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Price: | C$0.30
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.40 for first year, C$0.55 for second year
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Investor: | MineralFields Group
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Settlement date: | Nov. 5
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Stock symbol: | TSX Venture: RMK
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Stock price: | C$0.34 at close Nov. 5
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